LSDC Testnet Guide
We’ve got an exciting week coming up at Tenet. On the 16th of June, we will be releasing the public beta testnet for LSDC, Tenet’s over-collateralized, LSD-backed stablecoin (you can read more about LSDC in our last post here).
This public testnet represents a major milestone in Tenet’s mission to build the most advanced DeFi ecosystem fully taking advantage of LSDfi and the increased yields and capital efficiency it enables.
This article is here to guide you through all the necessary steps required for you to test and play around with LSDC. If you want a head start to improve your knowledge of the future Tenet LSDfi playground, read on.
Testnet requirements
In order to use LSDC on Tenet testnet you need to install Metamask. Once you have your wallet installed, you will need to add a custom RPC in order to connect to Tenet’s testnet. The details for this are as follows:
Network Name: Tenet Testnet
New RPC URL: https://rpc.testnet.tenet.org
ChainID: 155
Symbol: TENET
Explorer: https://testnet.tenetscan.io/
It is recommended to read up on LSDC and its inner workings, which are extensively documented here:
https://docs.tenet.org/tenet-stablecoin-protocol/general
Please refer back to this documentation in case you don’t understand a certain mechanic.
Setup
- Go to https://faucet.testnet.tenet.org/ to get some Testnet Tenet. You will need these to pay for transaction fees on the Testnet.
- Go to https://testnet.app.lsdc.io. This is the Testnet front-end for LSDC, Tenet’s Stablecoin. Connect your wallet to the website, which will prompt you to connect to Testnet in case you have not done so using the above details.
- Once you are properly connected to LSDC’s front-end and have some test Tenet, it’s now time to start making some on-chain transactions. LSDC is minted in a CLIP, which needs a deposit of collateral. We provide a faucet to claim dummy collateral tokens for testnet purposes directly on the testnet site.
Go ahead and claim some tokens to play around with.
Congratulations, your setup is ready! You are connected to LSDC’s front-end and Tenet Testnet, have Testnet Tenet to pay for gas and have claimed some dummy collateral tokens to use within the protocol.
Testing LSDC
We have set out a list below of the functionality we would like you to test.
We’d appreciate it if you provide feedback through the following form. We also have a dedicated channel in our discord channel for LSDC testing.
We are interested in both positive and negative experiences, our aim is to make the final product as smooth as possible!
Please test the protocol in the following ways:
- Open a CLIP, deposit collateral and mint LSDC
A CLIP is where your assets are safely stored and where LSDC is created against the value locked. This happens in one single transaction where you declare:
I. Amount of collateral to deposit in CLIP
II. Amount of LSDC to mint as debt to the CLIP
There is a minimum minting amount of 400 LSDC. Press confirm and sign the transaction. It’s possible that you need to give permission to the CLIP smart contract to move your collateral assets.
Once your clip is opened, it will look something like this:
2. Deposit LSDC in the Stability Pool, accumulate rewards
In this version of testnet, the main utility for LDSC is usage within the Stability Pool.
Enter the amount of LSDC to deposit (or withdraw in case of a withdrawal).
You can also see your rewards accruing over time on the right side of the dashboard.
3. Liquidate unhealthy clips, wait for liquidation to happen
This page shows all CLIPs within the system and their corresponding health ratio. Once a CLIP dips below 125%, liquidation can be triggered which will use LSDC from the Stability Pool to acquire the collateral and pay back the LSDC debt.
On mainnet the liquidations will be triggered by a script but you can still have a look at the existing CLIPs on this page.
4. Redeem LSDC for any collateral type
LSDC has a built-in redemption mechanism that allows anyone to purchase collateral in the most unhealthy CLIP for LSDC. This is especially useful if LSDC is below the 1 dollar peg, as redemptions value LSDC at 1 dollar.
On testnet, there is no market price for LSDC and redemptions will not be profitable, but the functionality is enabled for testing purposes.
***
Stay tuned for additional details of our Testnet campaigns as well as the ability to claim some cool rewards for participating in our testing phase.
